Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li>This is my quarterly piece, where I round up all of my favorite ideas (more explicitly) and explain some semiconductor jargon. This is a meta piece of content.</li><li>First and foremost, I’ll start with performance. SMH returned 14% this quarter, among the best quarters in history for the semiconductor universe (again).</li><li>This quarter's leader was AOSL, who is rumored to have won a socket at Nvidia.</li></ul>

This is my quarterly piece, where I round up all of my favorite ideas (more explicitly) and explain some semiconductor jargon. This is a meta piece of content.First and foremost, I’ll start with performance. SMH returned 14% this quarter, among the best quarters in history for the semiconductor universe (again).This quarter's leader was AOSL, who is rumored to have won a socket at Nvidia.

Fabricated Knowledge Q2 2024 Quarterly Review

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Nvidia became the world’s most valuable company on 18 June, with market cap topping US$3.34trn, though it has retreated by approx.16% from the peak.</li><li>AI demand remains strong, and Nvidia still dominates the AI chip market with over 90% market share, per GlobalData.</li><li>However, Nvidia’s QoQ revenue growth has slowed (2QFY24-1QFY25: 88%/34%/22%/18%) in the past few quarters given a high base (quarterly sales almost quadrupled to US$26bn in 1QFY25 from US$7bn in 1QFY24). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nvidia became the world’s most valuable company on 18 June, with market cap topping US$3.34trn, though it has retreated by approx.16% from the peak.AI demand remains strong, and Nvidia still dominates the AI chip market with over 90% market share, per GlobalData.However, Nvidia’s QoQ revenue growth has slowed (2QFY24-1QFY25: 88%/34%/22%/18%) in the past few quarters given a high base (quarterly sales almost quadrupled to US$26bn in 1QFY25 from US$7bn in 1QFY24). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semiconductors - Thematic Investing and Megatrends: AI Exposure Update

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC's 3nm Shortage: Capacity Filled Until 2026 Amid Surging Demand; Strategic Price Hikes Coming Soon</li>
<li>Top Gainers/Losers: Taiwan Tech Rallies Alongside TSMC, Apple, Nvidia, ARM Strength</li>
<li>Samsung Unveils Pathway to Catch Up With TSMC in the AI Foundry Race</li>
</ul>


TSMC's 3nm Shortage: Capacity Filled Until 2026 Amid Surging Demand; Strategic Price Hikes Coming Soon
Top Gainers/Losers: Taiwan Tech Rallies Alongside TSMC, Apple, Nvidia, ARM Strength
Samsung Unveils Pathway to Catch Up With TSMC in the AI Foundry Race


Taiwan Tech Weekly: TSMC's 3nm Shortage & Upcoming Price Hikes; Samsung Unveils AI Catch-Up Plan

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Marvell Technology, Inc.'s Q1 2025 earnings report reflects a strong start to the fiscal year with revenue of $1.16 billion, surpassing the midpoint of guidance.</li><li>The overachievement was largely driven by higher-than predicted results from the company's data center operations, which reported $816 million in revenue for the quarter.</li><li>The company anticipates such performance and growth to continue throughout the fiscal year, especially in light of initial shipments of their custom AI compute programs.</li></ul>

Marvell Technology, Inc.'s Q1 2025 earnings report reflects a strong start to the fiscal year with revenue of $1.16 billion, surpassing the midpoint of guidance.The overachievement was largely driven by higher-than predicted results from the company's data center operations, which reported $816 million in revenue for the quarter.The company anticipates such performance and growth to continue throughout the fiscal year, especially in light of initial shipments of their custom AI compute programs.

Marvell Technology Group Ltd.: Will The Anticipated Recovery in Enterprise Networking and Carrier Business Pan Out? - Major Drivers

<ul><li>Marvell (MRVL US, NR) released its FY1Q25 results. Revenue was down by 12.2% YoY/18.6% QoQ to US$1.16bn, in line with the company’s guidance (US$1.16bn).</li><li>Non-GAAP GPM was 62.4%, down from 63.9% in FY4Q24. Adj. EPS was US$0.24 in FY1Q25, down 22.6% YoY/47.8% QoQ.</li><li>Mgmt. guided Q2 revenue to grow 8% QoQ at the midpoint, and mentioned growth will accelerate in Q3 and Q4, driven by DC/AI sales. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Marvell (MRVL US, NR) released its FY1Q25 results. Revenue was down by 12.2% YoY/18.6% QoQ to US$1.16bn, in line with the company’s guidance (US$1.16bn).Non-GAAP GPM was 62.4%, down from 63.9% in FY4Q24. Adj. EPS was US$0.24 in FY1Q25, down 22.6% YoY/47.8% QoQ.Mgmt. guided Q2 revenue to grow 8% QoQ at the midpoint, and mentioned growth will accelerate in Q3 and Q4, driven by DC/AI sales. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semi - Marvell FY1Q25 Earnings: Harnessing the AI Revenue

United States

Marvell Technology, Inc. develops and produces semiconductors and related technology. The Company offers security and networking platform, secure data processing, networking, and storage solutions. Marvell Technology serves customers worldwide.

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Marvell Technology (MRVL US)

Fabricated Knowledge Q2 2024 Quarterly Review

Here's everything that happened this quarter, and some thoughts and ideas. This is my quarterly piece, where I round up all of my favorite ideas...

Fabricated Knowledge

Semiconductors - Thematic Investing and Megatrends: AI Exposure Update

Nvidia became the world’s most valuable company on 18 June, with market cap topping US$3.34trn, though it has retreated by approx.16% from the peak.

CMB International

Taiwan Tech Weekly: TSMC's 3nm Shortage & Upcoming Price Hikes; Samsung Unveils AI Catch-Up Plan

TSMC's 3nm capacity filled until 2026, strategic price hikes coming soon. Taiwan tech rallies alongside Nvidia, Apple, and ARM. Samsung unveils...

Vincent Fernando, CFA

Marvell Technology Group Ltd.: Will The Anticipated Recovery in Enterprise Networking and Carrier Business Pan Out? - Major Drivers

Marvell Technology, Inc.'s Q1 2025 earnings report reflects a strong start to the fiscal year with revenue of $1.16 billion, surpassing the...

Baptista Research

Semi - Marvell FY1Q25 Earnings: Harnessing the AI Revenue

Marvell (MRVL US, NR) released its FY1Q25 results. Revenue was down by 12.2% YoY/18.6% QoQ to US$1.16bn, in line with the company’s guidance...

CMB International

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Fabricated Knowledge Q2 2024 Quarterly Review

Here's everything that happened this quarter, and some thoughts and ideas. This is my quarterly piece, where I round up all of my favorite ideas...

Fabricated Knowledge

Semiconductors - Thematic Investing and Megatrends: AI Exposure Update

Nvidia became the world’s most valuable company on 18 June, with market cap topping US$3.34trn, though it has retreated by approx.16% from the peak.

CMB International

Taiwan Tech Weekly: TSMC's 3nm Shortage & Upcoming Price Hikes; Samsung Unveils AI Catch-Up Plan

​TSMC's 3nm capacity filled until 2026, strategic price hikes coming soon. Taiwan tech rallies alongside Nvidia, Apple, and ARM. Samsung unveils...

Vincent Fernando, CFA

Marvell Technology Group Ltd.: Will The Anticipated Recovery in Enterprise Networking and Carrier Business Pan Out? - Major Drivers

Marvell Technology, Inc.'s Q1 2025 earnings report reflects a strong start to the fiscal year with revenue of $1.16 billion, surpassing the...

Baptista Research

Semi - Marvell FY1Q25 Earnings: Harnessing the AI Revenue

Marvell (MRVL US, NR) released its FY1Q25 results. Revenue was down by 12.2% YoY/18.6% QoQ to US$1.16bn, in line with the company’s guidance...

CMB International

TSMC's 3nm capacity filled until 2026, strategic price hikes coming soon. Taiwan tech rallies alongside Nvidia, Apple, and ARM. Samsung unveils...